Posted on: 31st Jan, 2008 05:51 pm
My Uncle quick claimed his house to me and my sister. We don't owe a mortgage as it is paid off. My sister and I now pay the taxes and insurance. Do we have to claim this to the IRS or do we wait until we sell the home?
Hi,
Are you talking about tax breaks as you are paying insurance? Please give a bit more information.
Are you talking about tax breaks as you are paying insurance? Please give a bit more information.
yeah Larry, he's talking about deductions on property taxes and homeowner's insurance.
As far as I know, Cmy can deduct the state and local property taxes if he itemizes the deductions. But one should only itemize when such deductions are higher than the standard deduction.
Regarding the insurance, the private mortgage insurance premiums are deductible and not the homeowners insurance. The latter is only deductible when it is included in the mortgage payment.
Take Care
As far as I know, Cmy can deduct the state and local property taxes if he itemizes the deductions. But one should only itemize when such deductions are higher than the standard deduction.
Regarding the insurance, the private mortgage insurance premiums are deductible and not the homeowners insurance. The latter is only deductible when it is included in the mortgage payment.
Take Care